you have to emphasize that, because the economy's improving. we're going to see, in my view, good earnings growth next year, not just margin expansion at corporate -- on corporate business model. >> sarat is here. his core fund is up more than 30%. welcome back. good to see you. >> thank you. >> how do you now approach the market with tapering getting closer and closer and closer? >> so i think what you gentlemen have been talking about is exactly right. you want to look at companies that are going to grow, not just top line but also the bottom line now. and forget about all of the cost cutting. and where you're going to see, to simon's point, take money off the table, take money off the table that have been fixed income substitutions. these 4%, 5% dividend yielders not growing the payout ratio, trading at 17, 18 times earnings, and you'll find them in the staples, in the other select telecom. you want to move to discretionary, cyclicals, and the industrials, as well. >> it doesn't sound like your investment philosophy is going to change all th